The petitioner has filed the present petition impugning a notice dated 27.03.2018 issued under Section 148 of the Income Tax Act, 1961 for reopening the petitioner’s assessment for the Assessment Year 2011-12.
Kerala High Court held that depreciation allowance is deemed to be business loss for section 71 and 72 and can be set off only against profits or gains of business and not against income from any other sources.
Andhra Pradesh High Court clarifies GST liability on annuity payments under the Hybrid Annuity Model, following CBIC circular on time of supply for National Highway projects.
Madras High Court rules aluminium foil containers fall under Chapter 7615 with 12% GST. This decision overturns prior 18% GST classification.
Chhattisgarh High Court reiterated that if the AO’s view is legally permissible, even if it results in a lower tax liability, the revisional authority cannot invoke Section 263 simply because it disagrees with the AO’s approach.
Assessee-company was engaged in the business of manufacturing and trading of Inverters & Batteries and had its factory premises in Himachal Pradesh. For running its operations, it had availed various facilities from financial creditors and also with SBI.
ITAT Jaipur held that mere entering into the Development Agreement would not permit invocation of section 45(2) of the Income Tax Act. There is no positive act which indicates that the assessee has treated capital asset as stock-in-trade.
During the course of search/survey operations, it was noticed that the assessee has paid labour charges to three concerns. Post investigation, AO came to the conclusion that the labour charges paid to the concerns were also not genuine.
ITAT Bangalore held that rejection of exemption u/s. 11 of the Income Tax Act due to non-appearance of form 10B in e-filing portal unjustified as form was already filed but was not appearing in e-filing portal. Matter remanded for fresh consideration.
ITAT Bangalore held that approval given under section 153D of the Income Tax Act at the fag end of assessment in a mechanical manner and without application of mind is invalid and bad in law.
